The slope of a consumer indifference curve at any given point on the curve reflects (ignoring the negative sign)A.the marginal rate of transformation (MRT) in production of one commodity into the other commodity.B.the marginal rate of technical substitut
b. results in an elasticity that is the same as the slope of the demand curve. c. gives the same answer regardless of the direction of change. d. automatically rounds quantities to the nearest whole unit. ANS: C 64. Suppose demand is perfectly elastic and the supply of the good in ...
35.Theaveragetotalcostcurvereflectstheshapeofboththeaveragefixedcostand averagevariablecostcurves. ANS:TDIF:2REF:13-3NAT:Analytic LOC:CostsofproductionTOP:Averagetotalcost MSC:Interpretive 36.Ifthemarginalcostcurveisrising,thensoistheaveragetotalcostcurve. ANS:FDIF:2REF:13-3NAT:Analytic LOC:Costsofprod...
lawn mowing, or babysitting you would supply per week at various prices. If you would supply more hours for $50 per hour than for $5 per hour, your supply curve has an upward slope. Let’s examine why that’s probably the case, using the economic ...
water supply and sewe water supply valve ma water surface equilib water surface tempera water surfing massage water table slope water tank for therma water tank reerigeant water temperature sen water tender water the garden water the mirror of h water tissue water treatment acces water vs regolith...
If this is the case, point out that the slope is equal to the ratio of the rise, ?Y, and the run, ?X. This ratio is equal to the ratio of the intercepts of a line just tangent to the indifference curve. As we move along a convex indifference curve, these intercepts and the MRS...
In Nation 1 ,the substitution of x for y ,MRS(N) MRS(A) The decline in MRS or absolute slope of an indifference curve is a reflection or the fact that the more of X and the less of Y a nation consumes; The declining slope of the curve reflects the diminishing marginal rate of ...
TheLawofSupply:Firmsarewillingtoproduceandsellagreaterquantityofagoodwhenthepriceofthegoodishigh.Thisresultsinasupplycurvethatslopesupward.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheFirm’sObjective Theeconomicgoalofthefirmistomaximizeprofits.Harcourt,Inc.itemsandderiveditems...
5) The production possibilities frontier D) is also called the supply curve. A) depicts the boundary between those combina- Answer: C tions of goods and services that can be produced and those that cannot given resources and the Topic: Production Possibilities Frontier current state of ...
reflecting the fact that Ra included respiration of dead leaves and roots, which cannot be avoided when the eddy covariance data and soil chamber measurements are combined. The slope of the regression line between GPP and Raa was significantly larger than that between GPP and Rab in this and ...